Question
Determination of major funds Tilker Springs has five governmental funds and one enterprise fund. The following table shows the total assets, liabilities, revenues, and expenditures/expenses
Determination of major funds
Tilker Springs has five governmental funds and one enterprise fund. The following table shows the total assets, liabilities, revenues, and expenditures/expenses in each of the funds. (Amounts are in thousands.)
| Grant Special | Community | Capital | Debt | Water | ||
|---|---|---|---|---|---|---|
| General | Revenue | Special | Projects | Service | Enterprise | |
| Fund | Fund | Revenue Fund | Fund | Fund | Fund | |
| Total Assets | $292,818 | $2,847 | $10,548 | $76,446 | $1,120 | $118,810 |
| Total Liabilities | 28,565 | 915 | 685 | 10,452 | 0 | 8,276 |
| Total Revenues | 448,558 | 10,746 | 9,826 | 12,966 | 0 | 15,382 |
| Total Expenditures | 424,888 | 11,324 | 2,753 | 72,309 | 1,280 | |
| Total Expenses | 11,137 |
a) Identify which of the Tilker Springs funds meets the 10% test as defined in GASB Statement No. 34, amended by GASB Statement No. 37. Select NA if a specific fund is not required to meet the 10% test.
| General Fund | Answer Meets Does not meet NA |
| Grant Special Revenue Fund | Answer Meets Does not meet NA |
| Community Special Revenue Fund | Answer Meets Does not meet NA |
| Capital Projects Fund | Answer Meets Does not meet NA |
| Debt Service Fund | Answer Meets Does not meet NA |
| Water Enterprise Fund | Answer Meets Does not meet NA |
b) Identify which of the Tilker Springs funds meets the 5% test as defined in GASB Statement No. 34, amended by GASB Statement No. 37. Select NA if the 5% test would not be applied to the fund.
| General Fund | Answer Meets Does not meet NA |
| Grant Special Revenue Fund | Answer Meets Does not meet NA |
| Community Special Revenue Fund | Answer Meets Does not meet NA |
| Capital Projects Fund | Answer Meets Does not meet NA |
| Debt Service Fund | Answer Meets Does not meet NA |
| Water Enterprise Fund | Answer Meets Does not meet NA |
c) Identify which of the Tilker Springs funds are major funds.
| General Fund | Answer Major fund Not a major fund |
| Grant Special Revenue Fund | Answer Major fund Not a major fund |
| Community Special Revenue Fund | Answer Major fund Not a major fund |
| Capital Projects Fund | Answer Major fund Not a major fund |
| Debt Service Fund | Answer Major fund Not a major fund |
| Water Enterprise Fund | Answer Major fund Not a major fund |
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Auditing Integrated Concepts And Procedures
Authors: Donald H. Taylor, G. William Glezen
5th Edition
0471524239, 978-0471524236
